Most of us have grown up with gambling lore that left us petrified to our core. Gambling ruins lives, gives rise to financial and legal problems.
This is all that we have grown up learning. However, this is only partly true and must not be taken too seriously. Sure, gambling has its disadvantages and evils.
However, the activity, in its entirety, is not addictive. It is what humans make out of it. Human beings give up self-control and spiral into a bottomless pit of despair due to that.
Gambling, when indulged in appropriately, does no harm. In fact, it is one of the biggest industries and contributes significantly to the global economy.
The moot point of this article is to have a look at the betting industry of Nigeria. While we do that, we shall also examine how much the industry contributes to the economy of the nation.
Therefore, let us now have a look at the industry and venture a few important points throughout
How Does the Betting Industry of Nigeria Look Like?
The gambling industry of Nigeria resides in the areas of gray. One cannot look at it in either black or white.
Gambling activities are considered illegal in Nigeria, with the exception of a few. And betting on sports happens to be one of those exceptions.
Online gambling in Nigeria is allowed only on offshore-owned and operated casinos. Locally operated casinos are not allowed to function in the land.
Now speaking of betting, one must note that the betting industry happens to be a key player in Nigeria’s economy. There are over fifty functional and legal betting sites in Nigeria.
As we mentioned before, betting is entirely legal, unlike online gambling. All those who want to gamble on sites like Usafriendlypokersites.com can do so with the use of VPNs.
Nigerians are incredibly passionate as a people about their sports. That is why the idea of making money by betting on their favorite sports has a lot of appeal.
With about 200 million people in the country, the betting industry has found a solid footing in the market. It has been estimated that over the last few decades, Nigeria has grown to become the second-largest betting market in South Africa.
Over 60 million people find entertainment through online betting sites in South Africa. Therefore, one can understand, going by the statistics that Nigeria has evolved over the last few years when it comes to betting.
Reasons for this Massive Growth in the Popularity of Online Betting:
One of the primary reasons for this massive popularity in online betting is the increase in technological innovations.
Nigeria, over the past few years, has seen technological expansion and super-fast connectivity. Almost everyone has access to smartphones now.
This is what makes it so easy for people of every age group to bet online. The constraints that the nation had in technology and connectivity are no longer an issue.
It is estimated that in the next few years, the country shall see more such innovations and expansion. This will, therefore, act further as a catalyst to the growth of the online betting industry.
The Government is Now Tightening the Noose around Online Betting to Raise Revenue:
As we already mentioned a few times before that Nigeria had strict laws related to online gambling.
The government also did not pay much attention to the betting industry. However, things have changed now and shall change further down the line.
The Nigerian government is now formulating some strict laws so that it could pull the revenue from betting into the coffers.
This is also one of the most significant reasons for the growth in Nigeria’s economy. Online betting is a lucrative industry, and we can already deduce that from we discussed.
With the government paying more attention to the industry, crime rates can be reduced, and better revenue can be raised.
If anything, the involvement of the Nigerian government shall only serve as a fresh change. Plus, with a better structure in the betting industry, more people can find jobs and livelihood.
Wrapping It Up:
We can see how the online betting industry of Nigeria has become one of the chief contributors
to its economy.